Comverse risks being delisted from the Nasdaq main market because of the delay.
Two weeks before Comverse Technology Inc.’s (Nasdaq: CMVT) latest deadline to file its financial reports, Comverse has asked the Nasdaq Listing and Hearing Review Council for another deferral, this time for 60 days. Comverse has until September 25 to complete the restatements of its financial statements and to file its annual report for the fiscal year ended January 31, 2006 and quarterly report for the quarter ended April 30, 2006, but may not be able to meet the deadline. Comverse said, “There can be no assurance that the Listing Council will grant a stay or an extension or that the company's securities will remain listed on the Nasdaq Stock Market.”
On August 18, Comverse obtained an extension until September 25 to file its annual and quarterly financial reports. Comverse now believes that it might not make the new deadline, and therefore applied for a further extension.
Comverse risks being delisted from the Nasdaq main market because it has not filed the financial reports. They have been delayed because of the need to restate the company’s finances as a result of the stock options grant affair at the company. In today’s press release, Comverse said, “The company intends to announce the Listing Council's decision promptly after it receives notice of such decision.”
Published by Globes [online], Israel business news - www.globes.co.il - on September 5, 2006
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